shop blog

« TaylorMade re-enters forged iron market with Tour Preferred CB, MB and MC irons. | Back to Main | For now, it's business as usual for Acushnet's Titleist and FootJoy brands »

December 07, 2010

Fortune Brands to spin off or sell Acushnet

Posted at 11:48 PM by Golf.com | Categories: Acushnet, FootJoy, Fortune Brands, Titleist

Fortune Brands' board of directors agreed in principle on Tuesday to break up the company and sell or spin off its golf business, Acushnet, which includes Titleist and FootJoy, according to several media outlets.

The company has been the subject of speculation since William Ackman's hedge fund disclosed an 11% stake in the conglomerate. Ackman is an activist shareholder who supports the move by the board. "We think the long-term value of each of the three businesses will be materially higher if they are separate," he told The Wall Street Journal.

Acushnet's most likely suitors, according to the Journal, are private equity firms and Asian sporting goods and golf companies. 

The Journal also reported that "the company intends to spin off its home and security unit to shareholders in a tax-free transaction." That would leave Fortune with its liquor business, which includes Jim Beam, Maker's Mark and Canadian Club.

For more on the story, see this article on wsj.com and DealBook at nytimes.com.

Add your comment, speak your mind

Log in to one or more of your social networks. Click on Share to choose how your post will be shared to friends.





Subscribe To Blog Headlines

Related Links

Shop Blog Archives

To view posts from a particular day,
simply select the date below.

April 2014
Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30

<< Previous Months


Popular Tags